📈 USDCAD BUY 📈
💰Take Profit 1 - 1.3772
💰Take Profit 2 - 1.3822
💰Take Profit 3 - 1.3872
❌ Stop loss - 1.3592
Technical analysis:
The USDCAD pair is currently trading in a bullish trend, and it is currently trading near the top of its range. The current spot rate is 1.3692, and a buy entry point of 1.3692 is just below the recent high of 1.3712.
The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The US dollar is generally seen as a safe haven currency, and it has been strengthening against the Canadian dollar as concerns about the global economy have grown.
Second, the US economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the strength of the US labor market and the ongoing trade disputes between the US and China.
Risks:
There are a few risks to consider before entering a trade on USDCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the USDCAD pair.
Second, the Bank of Canada is expected to raise interest rates more quickly than the Federal Reserve, which could put upward pressure on the Canadian dollar against the US dollar.
Finally, the Canadian dollar is a commodity currency, and it is sensitive to changes in the price of oil. If the price of oil falls sharply, it could put downward pressure on the Canadian dollar and lead to a rise in the USDCAD pair.
Overall:
I think USDCAD is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on USDCAD:
The economic outlook for the US and Canada.
The level of volatility in the forex market.
The price of oil and other commodities.
💰Take Profit 1 - 1.3772
💰Take Profit 2 - 1.3822
💰Take Profit 3 - 1.3872
❌ Stop loss - 1.3592
Technical analysis:
The USDCAD pair is currently trading in a bullish trend, and it is currently trading near the top of its range. The current spot rate is 1.3692, and a buy entry point of 1.3692 is just below the recent high of 1.3712.
The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The US dollar is generally seen as a safe haven currency, and it has been strengthening against the Canadian dollar as concerns about the global economy have grown.
Second, the US economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the strength of the US labor market and the ongoing trade disputes between the US and China.
Risks:
There are a few risks to consider before entering a trade on USDCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the USDCAD pair.
Second, the Bank of Canada is expected to raise interest rates more quickly than the Federal Reserve, which could put upward pressure on the Canadian dollar against the US dollar.
Finally, the Canadian dollar is a commodity currency, and it is sensitive to changes in the price of oil. If the price of oil falls sharply, it could put downward pressure on the Canadian dollar and lead to a rise in the USDCAD pair.
Overall:
I think USDCAD is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on USDCAD:
The economic outlook for the US and Canada.
The level of volatility in the forex market.
The price of oil and other commodities.